SK Energy's shareholders OK spinoff of lubricant division

By Nam Kwang-sik
SEOUL, Sept. 11 (Yonhap) -- SK Energy Co., South Korea's top refiner, said Friday
that its shareholders have approved the company's plan to spin off its lubricant
division.

The envisioned company, to be wholly owned by SK Energy, is tentatively named SK
Lubricants and will be launched on Oct. 1, the refiner said in a statement.
SK Energy's lubricant business has been regarded as highly profitable, as the
company posted 1.88 trillion won (US$1.5 billion) in sales and 254.4 billion won
in operating profit in that area alone last year.
Last July, SK Energy's board of directors decided to spin off its lubricant
division to enhance its competitive edge and secure a sustainable growth engine,
SK Energy said.
ksnam@yna.co.kr
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